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14-11-2012, 04:53 PM
So it depends a lot on the house we choose! If you buy a super-pricey condo, I doubt you will have enough CPF......
The Straits Times
www.straitstimes.com
Published on Nov 14, 2012
CPF should meet workers' retirement needs, with conditions: Study
By toh yong chuan
YOUNG Singaporeans who join the workforce today will have enough savings in their Central Provident Fund (CPF) to finance their retirement, say two university professors.
But this is provided they are prudent in their choice of homes, and use any CPF savings they withdraw wisely, say National University of Singapore professors Chia Ngee Choon and Albert Tsui.
They made these points in a Manpower Ministry-commissioned study on the adequacy of CPF savings, which was released on Wednesday.
"There is a very clear trade-off between retirement adequacy and housing consumption," said Prof Chia,
The study found that a 25-year-old Singaporean male who starts work now and draws a starting median monthly pay of $2,500 will be able to replace 70 per cent of his pre-retirement income when he retires.
A 23-year-old female who starts work today at a median monthly pay of $2,120 will be able to replace 64 per cent of her pre-retirement income.
The Straits Times
www.straitstimes.com
Published on Nov 14, 2012
CPF should meet workers' retirement needs, with conditions: Study
By toh yong chuan
YOUNG Singaporeans who join the workforce today will have enough savings in their Central Provident Fund (CPF) to finance their retirement, say two university professors.
But this is provided they are prudent in their choice of homes, and use any CPF savings they withdraw wisely, say National University of Singapore professors Chia Ngee Choon and Albert Tsui.
They made these points in a Manpower Ministry-commissioned study on the adequacy of CPF savings, which was released on Wednesday.
"There is a very clear trade-off between retirement adequacy and housing consumption," said Prof Chia,
The study found that a 25-year-old Singaporean male who starts work now and draws a starting median monthly pay of $2,500 will be able to replace 70 per cent of his pre-retirement income when he retires.
A 23-year-old female who starts work today at a median monthly pay of $2,120 will be able to replace 64 per cent of her pre-retirement income.
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